Market Prediction

Last Friday's trading, JCI closed down 2.06% to 6,561.55. The decline in the index was influenced by negative sentiment from the new variant case (Omicron) originating from Africa which was considered stronger. Foreign market players recorded a net sell worth of IDR 145.7 billion (all markets).

Wall Street's main indexes fell significantly on the back of renewed concerns over the global economic recovery following the new coronavirus and possible vaccine-resistant coronavirus variants identified in South Africa.

Today's market is still under pressure amid fears of a new virus variant that could hamper economic recovery. But there is still a chance for a rebound, because the market must also see that the current condition is much better than when there was no vaccine or the percentage of vaccination was still small.

JCI closed down with a bearish candle. The stochastic indicator is weak, MACD histogram is moving negative (bearish line) and volume is increasing. If JCI moves bearish, it could continue down to support at the range of 6,485 – 6,509. If JCI moves bullish again, there is a chance to strengthen again to the resistance at the range of 6,598 – 6,621.

Commodities Review

• Oil prices plunged $10 a barrel over the weekend in their biggest one-day drop since April 2020, as the new coronavirus (Covid-19) variant worried investors and added to concerns that the supply surplus could swell in the first quarter of next year.

Macro Economic News

• Bond Investments by Japanese abroad decreased by 12.80 billion yen in the week ending November 20 of 2021.
• Car production in the UK fell 41.4% year-on-year to 64729 in October of 2021, the fourth straight month of decline and the weakest October since 1956 as firms grappled with the global shortage of semiconductors which led to production stoppages.

Corporate news

• PT Voksel Electric Tbk (VOKS) as of September 2021 recorded a net income of IDR 1.22 trillion. This number decreased by 14.54% compared to the same period last year of IDR 1.43 trillion.
• PT Kino Indonesia Tbk (KINO) had an unsatisfactory performance until the third quarter of this year. As of September 30, 2021, KINO's sales were recorded to have shrunk by 5.75% to IDR 2.93 trillion. Whereas in the same period last year, the company still earned sales of IDR 3.11 trillion.
• PT Mayora Indah Tbk (MYOR) recorded a 13.12% increase in sales to IDR 19.88 trillion in the January-September 2021 period. This number increased from IDR 17.58 trillion recorded in the same period last year.
• PT Satyamitra Kemas Lestari Tbk (SKML) managed to grow sales by 22% YoY in the nine month period of 2021 (9M20). Net Profit after tax was recorded at IDR 72.1 billion, a significant increase of 268.3% YoY, from IDR 19.6 billion in the previous year.

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